Oilfield Services

Houston-based Ranger Energy Services Inc. said it has successfully bid to buy some of the Lower 48 assets of Basic Energy Services Inc. for close to $37 million. The deal gives Basic, now in bankruptcy, room to restructure. The Fort Worth, TX-based oilfield services (OFS) provider in August filed for Chapter 11 protection for the…

Basic Energy Services Inc. is once again seeking voluntary bankruptcy protection and plans to sell off a substantial portion of its Lower 48 assets. Hit by the oil price rout in 2015 and 2016, the Fort Worth, TX-based oilfield services operator successfully emerged from voluntary bankruptcy five years ago. After Covid-19 bashed energy demand last…

The plethora of bankruptcies that engulfed the North American oil and gas sector as Covid-19 stripped demand has begun to subside, according to Haynes and Boone LLP. The law firm since 2015 has monitored the North American oil patch, oilfield services (OFS) and midstream sectors to tally bankruptcies. A dozen exploration and production (E&P) producers…

The head of oilfield services (OFS) giant Schlumberger Ltd. said the company is “seizing the beginning of the upcycle,” with international activity expected to lead growth — and North America set to moderate — in the continued recovery from Covid-19. On the 2Q2021 earnings call with investors Friday, CEO Olivier Le Peuch said that while…

A ramp-up in oil drilling, especially in the Permian Basin, sent the U.S. rig count surging seven units higher to 491 for the week ended Friday (July 23), the latest numbers from oilfield services provider Baker Hughes Co. (BKR) show. All of the net gains domestically for the week occurred in the oil patch, with…

The battle to become a top oil and natural gas producer is no longer being waged by Jett Rink-like roustabouts toiling in the sun off of caliche roads in West Texas, but rather by algorithm experts sitting in darkened, air-conditioned offices in Houston. Exploration and production (E&P) companies looking for the edge to elevate their…

Field testing in the Permian Basin has been completed on a next-generation electric fracture pump that emits less carbon, Denver-based Liberty Oilfield Services Inc. said. The digiFrac electric pump is a purpose-built fully integrated electric fracture pump, the company said. Final field testing was completed on a three-well pad in West Texas that has 24-hour…

Monthly employment in the oilfield services (OFS) sector surpassed 2020 levels for the first time in June, but remained well below pre-coronavirus figures logged in 2019, according to the preliminary figures from the Energy Workforce & Technology Council. Overall, the Houston-based organization said 8,002 jobs were added in June, marking a 1.3% increase over May…

Ranger Energy Services Inc. has further boosted its wireline presence in the Lower 48 following the acquisition of PerfX Wireline Services, its second takeover since May.  The Houston-based oilfield services company said last week it had acquired Minot, ND-based  PerfX in an all-stock deal. The deal follows the acquisition of Patriot Completions Solutions LLC in…